Groupe Caisse d'Epargne, a network of French savings banks, has denied reports in French newspaper Le Monde that it aims to become the majority shareholder of Icade.
Groupe Caisse d'Epargne, a network of French savings banks, has denied reports in French newspaper Le Monde that it aims to become the majority shareholder of Icade.
The lender is set to acquire a 4% to 6% stake in Icade, a property unit of state-owned Caisse de Depots et Consignations (CDC), but it has no plans to take over the company, CDC announced on Thursday after a meeting with Groupe Caisse d'Epargne. In return, Caisse d'Epargne may transfer its 68% stake in Pierre, a holding company controlling several French real-estate management companies, to Icade.
Caisse d'Epargne's Chairman Charles Milhaud had said on January 17 that the bank was willing to expand its real-estate business. Icade is worth about EUR 175 mln, Le Monde said.
